When it comes to auto insurance, there are many 4-letter words that pop to mind. Most of them are not good, and can't be written here. But there is one 4-letter word that could save you up to 17 per cent off your auto insurance premium.
Sure, typically shopping costs you money, but in this case you could actually end up saving money.
A study released by Kanetix.ca in August 2007, showed that Ontario shoppers received online auto insurance quotes that are on average almost 17 per cent cheaper than what they were getting the same time the previous year.
The study looked at the average lowest auto insurance quotes provided online through www.kanetix.ca in Q2 (April, May, June) 2007 and compared it to the same period in 2006, and found that the average lowest price had decreased by 16.9 per cent-almost 17%!
"With a 16.9% drop in the price of the average lowest quote provided online, year-over-year, it just goes to show that consumers still have a tremendous opportunity to significantly save money on their auto insurance premiums," says Gregory Ellis, Co-founder of Kanetix.ca. "Of course, the savings are typically only possible when drivers shop around for their car insurance coverage from competing auto insurance companies."
There's that 4-letter word again-shop.
Compare car insurance quotes from competing insurance companies to find the best auto insurance rate.
So what's holding you back?
Too many of us overpay for our auto insurance coverage because we simply do not shop around for the best premiums. Typically, this is a result of one of two widespread myths:
- It doesn't matter which insurance company provides the insurance coverage, you'll end up paying the same rate.
- Shopping around is for people with tickets or accidents only.
Believing these myths could be costing you money, each and every year. Even with a ticket or accident-free driving record, you may be paying way too much for car insurance.
While it is often easy to review and accept the renewal notice from your current insurer, especially if your premium decreased, it's also easy to get comparative quotes online in minutes to make sure that you're getting the best possible rate.
Don't pay more than you have to-shop around for your car insurance policy